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RES-2007-037 Resolution Providing Final Approval for County Installment Financing
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RES-2007-037 Resolution Providing Final Approval for County Installment Financing
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Last modified
8/3/2012 9:37:52 AM
Creation date
5/20/2010 8:46:10 AM
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BOCC
Date
5/3/2007
Meeting Type
Regular Meeting
Document Type
Resolution
Agenda Item
5a
Document Relationships
Agenda - 05-03-2007-5a
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\Board of County Commissioners\BOCC Agendas\2000's\2007\Agenda - 05-03-2007
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ti <br />building restriction lines, however established, and will not violate applicable use <br />or other restrictions contained in prior conveyances or applicable protective <br />covenants or restrictions: The County will provide for all utility lines, septic <br />systems and streets serving the Pledged Sites to be completed in accordance with <br />health department standards and other applicable regulations of any governmental <br />agency having jurisdiction. <br />(b) The County may approve changes to the Plans and Specifications and <br />the Construction Contracts in its discretion except that the County may not, <br />without SunTrust's consent, approve any changes which (i) increase total estimated <br />Project Costs above the amounts previously identified and designated therefor, or <br />(ii) result in the use of the Pledged Facilities for purposes substantially different <br />from those initially proposed. <br />3.2. Right of Entry and Inspection. SunTrust and its representatives and <br />agents, upon.reasonable notice to the County, will have the right to enter upon the <br />Pledged Sites and inspect the Pledged Facilities from time to time during <br />construction and at any other time during the Contract term, and the County will <br />cause any contractor or subcontractor to cooperate with any such parties and agents <br />during such inspections. <br />No right of inspection or approval granted in this Section imposes upon any <br />party any. duty or obligation whatsoever to undertake any inspection or to make <br />any approval. No inspection made or approval given by any party will be deemed <br />to impose upon any parry any duty or obligation whatsoever to identify or correct <br />any defects in the Pledged Facilities.or to notify any person with respect thereto, <br />and no liability will be imposed upon any party and no warranties (either express <br />or implied) are made by SunTrust as to the quality or fitness of any improvement, <br />any such inspection and approval being made solely for SunTrust's benefit. <br />3.3. Contractors' Performance and Payment Bonds. The County will <br />provide for each contractor entering into a Construction Contract to furnish a <br />performance bond and a separate labor and material payment bond as required by <br />Article 3, Chapter 44A of the North Carolina General Statutes. The County will <br />provide copies of such bonds to SunTrust. Each such bond will include SunTrust <br />as adual obligee. <br />Upon any material default by a contractor under any Construction Contract, <br />or upon any material breach of warranty with respect to any materials, <br />workmanship or performance, the County will promptly proceed, either separately <br />or in conjunction with others, to pursue diligently its remedies against such <br />97562v1 11 <br />
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